Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (3) TMI 394 - PUNJAB AND HARYANA HIGH COURTApplication of Proviso of section 145(1) of the Act - estimation of GP Rate in relation to manufacturing of Dhodha a renowned sweet - Rejection of books of accounts – Held that:- ITAT upheld the view of the CIT(A), the CIT(A) in estimating total sales, application of G.P. rate and in granting a relief is most reasonable and well discussed and is based on the proper analysis of facts and the circumstances of the case of the assessee – The weight of sweets manufactured is estimated after giving a discount of 10% on account of burning losses, pilferage, wastage and other factors like consumption of milk and milk products etc. by the assessee's employees - The weight of dhoda manufactured is taken to 65% and weight of other sweets is taken at 35%. This is being taken at estimated figure since assessee has not disclosed the formula for manufacturing dhoda being a trade secret - the entire issue concerns facts and attending circumstances and there is no legal issue for consideration – Decided against Assessee.
|